Fact-checked by Grok 2 weeks ago

European Power Exchange

The European Power Exchange ( ) is a prominent operator of physical short-term markets in , providing platforms for day-ahead and intraday trading, as well as ancillary services like capacity auctions and guarantees of origin, to support the integration of and the continent's internal energy market. Established in 2008 through the merger of the French Powernext and the German (EEX) power spot markets, EPEX SPOT conducted its first trades in 2009 and has since expanded to serve over 400 companies in the largest power trading community in . As a of the EEX Group within the Group, EPEX SPOT is 49% owned by a representing major European transmission system operators, ensuring alignment with stability and regulatory goals. It operates markets in 19 countries across Central , the Nordics, the , , and , while providing market operation services in additional nations such as , , and several Balkan states; its guarantees of origin auctions extend to 22 countries. Key innovations include pioneering market coupling initiatives, such as the Trilateral and Multi-Regional Couplings, which connect over 95% of European power consumption for efficient cross-border trading and price formation. EPEX SPOT's benchmark prices serve as critical references for wholesale markets, contributing to competitive end-consumer pricing and the transition to systems by enabling flexible trading of intermittent renewables. In recent developments, it launched intraday continuous markets in the in November 2025 and transitioned to 15-minute price intervals across European markets in October 2025, enhancing granularity for balancing .

History

Founding and Early Years

The European Power Exchange (EPEX SPOT) was established on 17 September 2008 as a through the merger of the power spot markets operated by Powernext SA, a energy exchange founded in 2001, and the (EEX AG), a German-based platform that had launched power spot trading in 2000. This 50-50 partnership between EEX and Powernext aimed to create a unified short-term power trading platform, with EPEX SPOT headquartered in and initially focused on integrating spot market activities across borders. From its inception, EPEX SPOT maintained close ownership ties to EEX AG, which held a significant stake and provided operational support in . EPEX SPOT's early operations centered on the Central Western Europe (CWE) region, encompassing , , and , where it facilitated physical delivery of through day-ahead and intraday markets. The platform launched its first day-ahead auctions in , introducing uniform pricing mechanisms that allowed participants to trade hourly contracts for the following day via explicit auctions, thereby enhancing and efficiency in cross-border flows. These auctions complied with the evolving regulatory , particularly the EU Directive 2003/54/EC, which mandated full liberalization of markets by 2007 and promoted competition by requiring unbundling of generation, transmission, and supply activities. Trading activity on EPEX SPOT grew rapidly in its initial years, reflecting increasing market adoption amid Europe's push for integrated energy markets. In 2009, the platform recorded a traded volume of 203 across its spot markets, establishing a solid foundation for short-term power balancing. By , volumes had expanded to 339 , driven by rising participation from utilities, producers, and traders in the CWE region, underscoring EPEX SPOT's role in fostering liquidity and during the early stages of continental market harmonization.

Mergers and Market Expansions

In 2015, integrated its operations with the APX Group, incorporating the spot markets of APX in the , in , and the markets, thereby establishing a unified power exchange for Central (CWE) and the . This integration, announced in April 2015 and completed with acquiring 100% ownership of APX Group by May 2015, enabled harmonized trading platforms that reduced cross-border barriers and enhanced across these regions. The move positioned to cover eight countries by the end of 2015, with total spot trading volume reaching 566 TWh that year. Following the integration, EPEX SPOT completed system migrations to standardize trading infrastructure across the incorporated markets by early 2017. Clearing for , , and spot markets shifted to in March 2016, while Intraday markets in the and migrated to EPEX SPOT's M7 system in October 2016, and Day-Ahead markets transitioned from APX's EuroLight platform to EPEX SPOT's systems in early 2017. These harmonizations facilitated seamless cross-border trading and single exchange membership for participants in the integrated regions, culminating in all former APX operations fully aligned under EPEX SPOT by early 2017. EPEX SPOT expanded its geographic footprint in the 2010s and beyond, adding support for additional bidding zones including , where Day-Ahead auctions launched in 2006 and Intraday offerings grew through the decade. Luxembourg's integration into the CWE framework followed the merger, enabling coupled trading within the broader German-Luxembourg bidding zone. EPEX SPOT also provides operational services to the Hungarian Power Exchange (HUPX), supporting its Day-Ahead market since 2010 through price coupling and system facilitation. Similarly, in 2018, EPEX SPOT partnered with to operate trading systems for the Single Operator Exchange (SEMOpx) in Ireland and , launching Day-Ahead and Intraday markets on September 30, 2018. In 2020, EPEX SPOT entered the markets as a Nominated Operator (NEMO), launching Intraday trading on May 25 for , , , and , followed by Day-Ahead auctions in June, with initial volumes reaching 890 MWh in the first two days. These expansions traded 12,387.1 GWh in Day-Ahead and 1,679.0 GWh in Intraday markets throughout 2020. In 2021, EPEX SPOT further expanded by launching Day-Ahead markets in on 9 February, with Intraday markets following on 2 February 2022. By late 2025, EPEX SPOT launched its Intraday Continuous market in the (Estonia, , ). As the spot market arm of the EEX Group—itself a subsidiary of —EPEX SPOT complements the group's futures and commodities ecosystem by focusing on short-term physical power trading, driving European market integration within this broader framework.

Ownership and Governance

Ownership Structure

EPEX SPOT operates under a dual ownership model, with 51% of its equity held by EEX AG—a subsidiary of the Group—which supplies essential financial resources and technological infrastructure. The remaining 49% is owned by HGRT, a comprising six transmission system operators: Amprion (), APG (), (), RTE (), Swissgrid (), and (/). HGRT's involvement guarantees that transmission system operators maintain substantial representation, fostering operational stability and ensuring compliance with regulations in cross-border electricity trading. This ownership configuration evolved from EPEX SPOT's establishment in 2008 as an equal partnership between EEX and Powernext, where EEX initially assumed greater control following the merger, before the creation of HGRT in enabled transmission system operators to secure their 49% stake and harmonize commercial objectives with critical infrastructure needs. EPEX SPOT functions as a société européenne () governed by law, without public listing, where shareholder agreements shape major decisions. Shareholders also provide oversight via appointments to the .

Governance Bodies and Leadership

EPEX SPOT operates under a two-tier system typical of companies, comprising a Management Board responsible for day-to-day operations, commercial decisions, and economic management, and a that oversees strategic direction, approves budgets, and ensures compliance with regulatory requirements. It is chaired by Peter Reitz, CEO of EEX AG. The Management Board is led by the (CEO) and is elected by the , which consists of members drawn from the sector and appointed by the company's shareholders, including EEX Group and the Holdinggesellschaft für Regelwirkungstreue (HGRT), reflecting their influence on key appointments. This structure ensures balanced executive autonomy while maintaining shareholder oversight on long-term strategy and . The Exchange Council serves as a key advisory body, comprising 29 members elected by exchange participants to represent diverse stakeholders such as utilities, transmission system operators (TSOs), and regulators. It meets quarterly to advise on market design, propose amendments to exchange rules, and approve new trading products and systems, fostering input from the trading community on operational enhancements. Complementing this, specialized committees include the Risk Committee, which provides oversight on clearing and settlement risks in collaboration with the European Commodity Clearing (ECC), EPEX SPOT's affiliated clearing house. Leadership transitions in 2025 highlighted continuity amid evolving market demands, with CEO Ralph Danielski's tenure concluding on April 6, 2025, after which Jean-François Conil-Lacoste assumed the role in March 2025 as interim CEO, drawing on his prior experience on the . Conil-Lacoste will step down on February 1, 2026, to return to the , succeeded by Lukas Gresnigt, formerly an executive at , who will lead the Management Board alongside the CFO and COO. EPEX SPOT maintains strict regulatory compliance, particularly under the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT), by reporting all orders and transactions to the as an approved Registered Reporting Mechanism (RRM) and notifying authorities of potential market abuses. This adherence to ACER guidelines and REMIT provisions ensures , prevents and manipulation, and supports the of European wholesale energy markets.

Trading Markets

Day-Ahead Markets

The Day-Ahead markets operated by EPEX SPOT serve as the primary mechanism for trading in , enabling participants to plan and secure supply for the following day through a centralized process. These markets facilitate the matching of curves across multiple bidding zones, promoting efficient and for next-day delivery. As of 2025, they represent a cornerstone of the European power trading ecosystem, with trading volumes reflecting growing and integration. The process involves a daily blind conducted via the MATS trading system, where orders are submitted anonymously until the closes. For most bidding zones, the closes at 12:00 CET on the day prior to (D-1), determining uniform prices for each of the next day. Since 30 September 2025, prices are set for both 60-minute and 15-minute market time units (MTUs) in 11 coupled countries, allowing for finer granularity in planning while maintaining compatibility with existing grid operations; and continue with 30-minute and hourly products, respectively, under local timings of 9:20 GMT and 11:00 CET. This structure ensures that all 24 hours (or equivalent ) of the following day are covered in a single round, with results published shortly thereafter to inform operational decisions. Core trading products include hourly contracts for individual delivery periods, as well as block contracts such as baseload (covering all 24 hours), peakload (typically 8:00-20:00 CET on weekdays), and off-peakload (remaining hours). Additional block variants, like smart blocks or linked contracts, allow participants to bundle periods for strategic trading. Prices are denominated in euros per megawatt-hour (€/MWh) across most zones, with local currencies applied where relevant, such as pounds sterling (£/MWh) for the market. These products cater to diverse needs, from steady baseload supply by utilities to peak-time optimization by producers and traders. EPEX SPOT's Day-Ahead markets cover 13 bidding zones across , including the DE-AT-LU (Germany-Austria-Luxembourg) zone, , the , , the , , and the (Denmark, Finland, Sweden, Norway), along with . In 2024, total trading volume reached 654 terawatt-hours (), underscoring the markets' scale and role in balancing continental supply. This coverage supports cross-zonal flows, though physical delivery remains subject to transmission constraints. Pricing is determined through a marginal algorithm, where the uniform clearing for each period reflects the of the most expensive accepted bid needed to meet demand, based on aggregated curves from all participants. This pay-as-clear mechanism ensures by setting a single that clears the while incentivizing competitive . Access to these markets is open to over 430 registered trading members as of December 2024, encompassing producers, utilities, traders, and other market actors who submit orders via or front-end systems. All trades are centrally cleared and settled by European Commodity Clearing (), which manages counterparty risk and guarantees performance, enhancing market stability. Day-Ahead outcomes provide the foundational plan for supply, with subsequent intraday trading allowing for fine-tuning based on updated forecasts.

Intraday Markets

The Intraday Markets on EPEX SPOT provide a for continuous and auction-based trading, allowing market participants to adjust their positions after the day-ahead gate closure to address imbalances and incorporate updated forecasts. Continuous trading operates 24/7 via the XBID , commencing at gate opening around 15:00 CET on the previous day and extending up to five minutes before delivery, facilitating real-time matching across borders. Intraday auctions, such as those under the Single Intraday Coupling (SIDC), occur at specific times including 15:00 and 23:00 CET for next-day blocks, enabling explicit allocation of cross-zonal capacity. Available products include hourly contracts, block orders spanning 2 to 24 hours, and cross-border contracts, with 15-minute products introduced in 2025 to enhance for intraday adjustments, initially in regions like and . These offerings support finer-tuned trading strategies, particularly for sources. The markets operate across 13 countries, encompassing the Central Western Europe (CWE) region (, , , , , ), the , the Nordics (, , , ), , and . In 2024, the Intraday markets recorded a total traded volume of 215 , reflecting growth from 176 in 2023, with notable expansion in the continuous trading segment driven by increased renewable needs. Key features include implicit allocation of cross-border through auctions and the shared , which supports forecast updates for renewables by permitting trades close to delivery. The XBID serves over 14 countries with a shared , processing more than 10 million orders daily to ensure efficient, pan-European intraday .

Market Coupling and Integrations

Day-Ahead Coupling

The Single Day-Ahead Coupling (SDAC) represents a cornerstone of integration, enabling the coordinated operation of day-ahead markets across multiple exchanges, including SPOT, to optimize cross-border flows. Launched initially in 2014 with the North-Western (NWE) price coupling involving five countries (, , /, , and ), SDAC expanded progressively, achieving full pan- implementation by 2020 through the integration of additional markets such as in December of that year. By 2024, SDAC encompassed 27 countries, 16 nominated operators (NEMOs) like and HUPX, and over 60 bidding zones, covering more than 95% of the Union's consumption via a shared methodology that allocates transmission resources efficiently across borders. At the heart of SDAC is the Euphemia algorithm, a common price coupling tool developed to maximize overall social welfare by solving a complex optimization problem that matches supply and demand orders across interconnected bidding zones while respecting physical transmission constraints. Euphemia processes vast datasets—including orders from participants, available generation capacities, and cross-zonal transmission limits—to compute uniform or zonal prices and allocate flows implicitly, ensuring that electricity is directed from low-price to high-price areas without explicit capacity reservations. This approach promotes price convergence between zones, as demonstrated in the Central Western Europe (CWE) region where German and French day-ahead prices began aligning following the 2014 pilot, reducing discrepancies that previously hindered efficient trade. EPEX SPOT plays a pivotal role in SDAC, particularly as the leading NEMO in the CWE region, where it coordinates day-ahead auctions and facilitates the coupling of markets in , , , the , , , and . Handling approximately 35% of the total day-ahead trading volume in 2024 with 654 traded on its platforms, EPEX SPOT contributes to the system's robustness by managing high-volume inputs and participating in fallback procedures during incidents, such as the partial decoupling on June 25, 2024, which was swiftly resolved to minimize disruptions. Its leadership in regional initiatives has been instrumental in scaling SDAC from early pilots to a mature framework that supports seamless cross-border exchanges. In September 2025, SDAC transitioned to 15-minute market time units (MTU), with the first trading day on September 30, 2025, for delivery on October 1, 2025. This update, covering 11 countries on SPOT platforms (excluding and ), enhances price granularity to better reflect sub-hourly variations, particularly from renewables, while maintaining the algorithm's optimization capabilities. The benefits of SDAC include enhanced market efficiency through reduced loop flows—unintended circular currents that strain grids—and improved system security by better utilizing interconnected resources, ultimately lowering costs for consumers and supporting integration. In 2024, the coupled day-ahead market achieved a total traded volume of 1,840 across , reflecting an 8.5% increase from the previous year and generating an average of €11.8 billion per auction session, underscoring its scale and impact. These outcomes stem from the algorithm's ability to maximize welfare, with processing times averaging 2.26 minutes well within regulatory limits. Early challenges in SDAC's development, particularly during the 2013-2014 CWE pilot phase, involved issues with capacity allocation under the net transfer capacity (NTC) methodology, which led to suboptimal flow distributions and occasional partial decouplings due to insufficient coordination of transmission limits. These were addressed by transitioning to a flow-based coupling approach in May 2015, which provided more accurate modeling of grid physics and resolved allocation inefficiencies, paving the way for broader adoption. This evolution complemented intraday mechanisms like XBID by ensuring day-ahead optimizations inform subsequent real-time adjustments.

Intraday Coupling and Regional Integrations

The Single Intraday Coupling (SIDC), formerly known as the XBID project, represents a key initiative for pan-European intraday integration, launched on June 13, 2018, to enable continuous cross-border trading across 14 initial countries including , , , , , , , , , the , , , , and . This platform utilizes a shared , capacity management module, and shipping module to facilitate implicit capacity allocation and enhance and efficiency in response to variable renewable energy sources. To complement continuous trading, Intraday Auctions (IDAs) were implemented across SIDC on June 13, 2024, providing explicit pricing of cross-border capacity at 15:00 CET, with additional auctions later in the day, thereby improving and . EPEX SPOT plays a central role as a nominated operator (NEMO), maintaining local for the Central Western Europe (CWE) region—covering , , , and the —and the Nordics, including , , , and , thereby supporting seamless regional trading within the broader SIDC framework. Beyond the core SIDC structure, contributes to regional intraday integrations, including support for and market coupling through its involvement in the Price Coupling of Regions () project extensions and local partnerships that align with intraday objectives. , EPEX SPOT operates the SEMOpx trading systems for intraday auctions and continuous markets on behalf of the Single Electricity Market Operator, facilitating coupled trading with the broader European network since the platform's launch in 2018. Additionally, EPEX SPOT has partnered with GET Baltic to introduce intraday continuous trading in the (, , and ) starting on November 25, 2025, marking a strategic expansion to bolster cross-border liquidity in the region. EPEX SPOT's continuous market expansions have further solidified regional interconnections, with intraday links between the , , and the established following the full integration of APX Group in May 2015, which pooled liquidity across these markets and introduced unified trading rules. Similarly, the intraday market was launched by EPEX SPOT on June 26, 2013, integrating it from inception with neighboring , , and through harmonized gate closure times and cross-border capacity access. Capacity management within these integrations relies on implicit allocation of interconnectors, where trading activity automatically optimizes cross-border flows; for instance, the Germany-Netherlands supports significant capacities, such as up to 4,000 MW in net transfer capability, enabling efficient energy exchanges via the SIDC platform. In 2025, updates to intraday products include the introduction of 15-minute resolution trading across borders, with launches in regions like the Nordics on March 18, 2025, and broader SIDC enhancements to support quarter-hourly auctions and continuous matching for improved granularity in short-term balancing. Looking ahead, the full extension of SIDC to the Baltics by the end of 2025, through SPOT's new intraday offerings, is expected to significantly increase liquidity in by connecting over 430 participants from 28 countries to the platform, fostering greater integration and flexibility amid the region's synchronization with continental grids. This builds briefly on day-ahead as a sequential prerequisite for intraday optimizations.

Operations and Developments

Trading Products and Volumes

EPEX SPOT provides a diverse array of trading products that extend beyond its primary day-ahead and intraday markets, encompassing ancillary services essential for stability and renewable integration. These include auctions designed to secure future power , Guarantees of Origin (GO) auctions for certifying production, and flexibility contracts that facilitate and balancing services. auctions, for instance, procure resources for delivery years like 2026, with recent sessions clearing volumes of 29,652 MW at €354.02/MW. GO auctions support environmental claims by trading certificates, such as 388.1 GWh of European GO in March 2025 auctions. Flexibility products, including local flexibility markets for batteries and demand-side resources, were introduced in the early to address short-term imbalances from variable renewables. Specific product offerings feature cross-border baseload contracts in day-ahead auctions, enabling seamless trading across zones like at volumes exceeding 861,000 MWh and prices around €106.73/MWh. and off-peak block products allow participants to hedge specific load profiles, while intraday flexibility options—such as 15-minute and hourly contracts—support real-time adjustments, with examples including intraday auctions at £73.26/MWh for 22,894 MWh. These products enhance , with intraday continuous trading in reaching 313,755 MWh at €92.57/MWh in recent sessions. Trading volumes on EPEX SPOT have shown robust growth, reflecting increasing market participation. In 2024, the total volume hit a 868 , comprising 654 in day-ahead (75%) and 215 in intraday (25%) markets. For 2025, volumes have averaged approximately 75 monthly, with January peaking at 82.6 ; as of October 2025, the cumulative reached about 757 , driven by higher summer demand, and October alone at 79.0 . Over 430 participants from across engage actively, underscoring the exchange's broad appeal. Liquidity remains concentrated in core zones, with and accounting for the majority of traded volumes due to their large industrial bases and renewable capacities—DE-LU alone often exceeds % of daily day-ahead activity. Average baseload prices in 2025 have fluctuated between €80 and €120/MWh across major zones, shaped by dynamics and renewable generation levels; for example, February averages included €128.75/MWh in BE and €140.81/MWh in AT. All trades are centrally cleared by European Commodity Clearing (ECC), which applies portfolio-based models to determine , ensuring robust amid 24/7 operations.

Recent and Future Initiatives

In 2025, EPEX SPOT implemented a significant update to its Day-Ahead markets by transitioning to 15-minute Market Time Units (MTUs) across the Single Day-Ahead Coupling (SDAC) regions, effective from the trading day of September 30, 2025, for delivery on October 1, 2025. This shift from hourly to quarter-hourly products enhances the integration of sources, such as and , by allowing for more precise forecasting and bidding, thereby reducing system imbalances and improving overall market efficiency. The change aligns with broader European efforts to support the , building on earlier introductions of 15-minute products in select Intraday markets, like in January 2025 and and in March 2025. To expand its geographic footprint, EPEX SPOT announced in July 2025 a with GET Baltic, part of the EEX Group, to launch an Intraday Continuous market in the scheduled for November 25, 2025, initially covering the (LT), (EE), and (LV) bidding zones. This initiative leverages GET Baltic's established local presence to facilitate cross-border trading and synchronization with the continental grid following the Baltics' full integration in February 2025. The expansion will extend to Day-Ahead and Intraday markets in 2026, promoting liquidity and competition in the region while addressing the disconnection from and Belarusian networks. In leadership developments, EPEX SPOT appointed Lukas Gresnigt as its new CEO, effective February 1, 2026, succeeding the outgoing management to steer ongoing technological and market innovations. Regarding technology, enhancements to the , which underpins Intraday cross-border trading, continue to focus on stability and efficiency, with recent maintenance completions ensuring reliable operations amid growing volumes. On sustainability, EPEX SPOT's Guarantees of Origin (GO) auctions saw increased trading volumes throughout 2025, with bi-weekly auctions introduced in to meet rising demand for certification, contributing to and market liquidity. For instance, the March 2025 auctions traded 388.1 GWh in total, reflecting robust growth in pan-European GO spot trading since its inception. Complementing this, EPEX SPOT is piloting local flexibility markets in collaboration with distribution system operators (DSOs), including the LocalFlex , to enable automated of grid services and manage local congestion, with over 100,000 assets connected by early 2025. These efforts support the EU Green Deal by facilitating carbon-neutral trading practices and the decarbonization of the power sector through transparent, renewable-focused mechanisms.

References

  1. [1]
    About EPEX SPOT
    EPEX SPOT operates markets and provides services for the biggest power trading community in Europe, with products along the entire value chain of electricity.
  2. [2]
    Home | EPEX SPOT
    EPEX SPOT offers a wide range of products and services, to trade across the entire value chain of electricity.Market Results · About EPEX SPOT · Trading Products · EPEX SPOT Consulting
  3. [3]
    Important change European EPEX-SPOT markets in 2025 - COMCAM
    From mid June 2025, the prices for the European EPEX SPOT markets will be changed to a 15-minute interval.<|control11|><|separator|>
  4. [4]
    ten years of building & developing Europe's electricity markets
    Sep 18, 2019 · EEX introduced power spot trading for Germany in 2000 while Powernext operated the French power spot market since 2001. In its first year under ...
  5. [5]
    FACTBOX-France's Powernext energy bourse | Reuters
    Dec 7, 2010 · EEX and Powernext merged their spot power trading businesses in Paris at the end of 2008 in a 50-50 joint company, EPEX Spot. MAIN ...
  6. [6]
    Powernext - MarketsWiki, A Commonwealth of Market Knowledge
    Aug 29, 2017 · Powernext Gas Spot and Powernext Gas Futures launched on 26th November 2008 in order to hedge volume and price risks for natural gas in France.Missing: merger | Show results with:merger
  7. [7]
    Jean-François Conil-Lacoste to step down as EPEX SPOT CEO by ...
    In 2008, under his impulse, EPEX SPOT was created as a merger of the spot power activities of Powernext and EEX, the Leipzig based European Energy Exchange ...
  8. [8]
    epex spot - European Power Exchange - Europex
    Its founding members are ELES, EMS, and EPEX SPOT. ADEX was established ... Date of foundation. 17 September 2008. Number of employees. 210. epexspot.com. N ...
  9. [9]
    EPEX SPOT SE accomplishes a year of European power market ...
    279 TWh were traded on EPEX Spot markets, which corresponds to a 37 percent increase compared to the previous year (203 TWh). Day-ahead Markets.Missing: 2012 | Show results with:2012
  10. [10]
    Volumes in 2012 on European Power Exchange EPEX SPOT hit ...
    Jan 8, 2013 · Volumes on the European Power Exchange EPEX SPOT have seen a solid growth in 2012: 339 TWh were traded on EPEX SPOT markets, which corresponds to an 8 % ...Missing: 2009 | Show results with:2009
  11. [11]
    APX Group and EPEX SPOT integrate their businesses
    The Power Exchanges EPEX SPOT and APX Group, including Belpex, intend to integrate their businesses in order to form a Power Exchange for Central Western Europe ...
  12. [12]
    No. 24/2015 - Power Exchanges Sign Contract with Deutsche Börse ...
    Jun 9, 2015 · Since 4 May 2015, EPEX SPOT has become 100% owner of APX Group including Belpex. APX operates the power spot markets for the Netherlands ...<|control11|><|separator|>
  13. [13]
    EPEX SPOT reaches in 2015 the highest spot power exchange ...
    The new, integrated European Power Exchange EPEX SPOT, now covering eight countries, saw a total of 566 TWh traded across its markets in 2015. “This is the ...
  14. [14]
    Clearing for UK, Dutch and Belgian power spot markets to be ...
    Mar 31, 2016 · The migration is subject to final testing and member readiness. The migration follows the announcement of the integration of APX and Belpex into ...
  15. [15]
    GB auctions successfully migrated to EPEX Trading System
    The Dutch and Belgian Intraday markets were migrated to the M7 system, used on all EPEX SPOT Intraday markets, in October 2016, and the transfer of Belgian and ...
  16. [16]
    EPEX SPOT Intraday markets reach all-time high in 2016
    Jan 11, 2017 · On an operational level, all former APX clearing has been migrated to the clearing house ECC in late March. Since then all power markets ...
  17. [17]
    EPEX SPOT celebrates 15 years of Swissix
    EPEX SPOT celebrates 15 years since the launch of the Swiss Day-Ahead auction. The first auction took place on 5 December 2006 for delivery on 6 December 2006.Missing: expansion | Show results with:expansion
  18. [18]
    Successful Launch of Hungarian Power Exchange - EPEX Spot
    HUPX has successfully launched the Hungarian day-ahead power market in partnership with EPEX Spot and ECC as planned on 20 July 2010.
  19. [19]
    Irish Power Spot Market Launched | EPEX SPOT
    Oct 2, 2018 · The markets were launched on 30 September 2018, with first trading day for delivery on 1 October. Market results can be consulted on the SEMOpx website.
  20. [20]
    Nordic Day-Ahead markets successfully launched - EPEX Spot
    Jun 4, 2020 · EPEX SPOT and ECC launched Day-Ahead markets in Denmark, Finland, Norway, and Sweden, with 890 MWh traded in the first two days.<|control11|><|separator|>
  21. [21]
    [PDF] Press Release - EPEX Spot
    Jan 14, 2021 · 12,387.1 GWh have been traded on the Nordic Day-Ahead and 1,679.0 GWh on the Nordic Intraday markets in 2020. In October, EPEX SPOT and ECC ...
  22. [22]
    EPEX SPOT announces new management structure
    Since the announcement of the integration of APX and EPEX SPOT in April 2015, a parallel governance structure has been in place, and has now ...
  23. [23]
    Business Areas - Deutsche Börse AG
    EEX Group offers its participants a market platform for energy and ... , ECC, EPEX SPOT, EEX Asia, PXE, Nodal Exchange, Nodal Clear, Grexel, KB ...
  24. [24]
    Governance | EPEX SPOT
    Shareholder Structure. EPEX SPOT's equity capital is divided between EEX Group (51%) and HGRT (49%), a holding composed of the Transmission System Operators ...
  25. [25]
    [PDF] ANNUAL REPORT 2019 - EPEX Spot
    Nov 29, 2019 · As part of EEX Group,. EPEX SPOT can offer unique cross-selling synergies to trading members as well as access to unmatched expertise across.
  26. [26]
    Regulatory Framework - European Commodity Clearing
    The Risk Committee of ECC has at least 5 voting members and if required independent experts in a non-voting capacity. The committee meets at least four times a ...
  27. [27]
    Exchange Council underlines need for operational security in 15 ...
    Mar 27, 2025 · The Exchange Council was informed that CEO Ralph Danielski will not renew his mandate, coming to an end on 6 April 2025. The members thanked ...Missing: departure | Show results with:departure
  28. [28]
    Lukas Gresnigt appointed as new CEO of EPEX SPOT as of 1 ...
    Feb 1, 2026 · Lukas Gresnigt takes over from Jean-François Conil-Lacoste, CEO since March 2025, who resumes his seat on the EPEX SPOT Supervisory Board.
  29. [29]
    Regulation | EPEX SPOT
    Its objective is to promote effective competition in the generation, trading and supply of electricity, to ensure the optimal use of the transmission system ...Regulation · All Nemos Consultation · RemitMissing: structure | Show results with:structure
  30. [30]
    Basics of the Power Market | EPEX SPOT
    Power Exchanges offer a trading platform to their exchange members. The members connect to this platform and submit orders for buying and/or selling power.
  31. [31]
    Trading Products | EPEX SPOT
    Since then, we have expanded our Intraday auctions in 13 countries – with a total traded volume reaching more than 16 TWh in 2023.
  32. [32]
    15-minute products live on EPEX SPOT Day-Ahead markets
    30 September 2025. EPEX SPOT announces the go-live of the 15-minute Market Time Unit (MTU) on its coupled Day-Ahead markets. Market results were published ...
  33. [33]
    Annual Trading Results of 2024 – Power Trading on EPEX SPOT ...
    Jan 28, 2025 · Day-Ahead volume reached 654 TWh (2023: 542 TWh) and trading activity on the Intraday market amounted to a total of 215 TWh (2023: 176 TWh) ...
  34. [34]
    [PDF] Annual Trading Results of 2024 – Power Trading on EPEX SPOT ...
    Ralph Danielski, Chief Executive Officer of EPEX SPOT, comments: “The trading activity we witnessed on our platforms in 2024 heralds what ...Missing: CEO departure
  35. [35]
    Membership types | EPEX SPOT
    All EPEX SPOT products are cleared and settled by European Commodity Clearing AG (ECC). As part of the EEX Group, ECC is the leading clearing house for energy ...
  36. [36]
    [PDF] Single Intraday Coupling (XBID) Information Package - EPEX Spot
    Oct 1, 2019 · High level description of SIDC Platform. The XBID Programme started as a joint initiative by Power Exchanges and Transmission System.
  37. [37]
    15-minute products in Market Coupling - EPEX Spot
    Intraday Continuous: 15-minute MTU was introduced in France in January 2025 and in Norway in March 2025. No Cross-Product Matching service is proposed by ...
  38. [38]
    Compiled information on 15-minute products now ... - EPEX Spot
    EPEX SPOT will introduce 15-minute contracts in France, Norway and Poland in Single Intraday Coupling (SIDC) and all Day-Ahead Coupling (SDAC) markets in 2025.
  39. [39]
    European Cross-Border Intraday (XBID) Solution trades exceed 2.5 ...
    XBID brings the whole European intraday continuous market together and complements the existing day-ahead market. The XBID solution is based on a common IT ...
  40. [40]
    Single Day-ahead Coupling (SDAC) - ENTSO-e
    What is Single Day-Ahead Coupling? The aim of Single Day-Ahead Coupling (SDAC) is to create a single pan European cross zonal day-ahead electricity market.
  41. [41]
    [PDF] CACM Annual Report 2024 | NEMO Committee
    Jul 1, 2025 · In 2024 the day-ahead market reached a total of 1 840 TWh of traded volume, an 8.5 % increase compared to 2023, with 11.8 billion. EUR of ...
  42. [42]
    Single day-ahead coupling (SDAC) - Emissions-EUETS.com
    Nov 28, 2017 · ACER Public consultation on amending the electricity price coupling algorithm methodology, PC_2024_E_01 ... SDAC included 27 countries with: 33 ...
  43. [43]
    [PDF] EUPHEMIA Public Description | NEMO Committee
    Oct 12, 2020 · As mentioned previously, EUPHEMIA is the algorithm that has been developed to solve the Day-Ahead European Market Coupling problem. EUPHEMIA.<|separator|>
  44. [44]
    European Market Coupling | EPEX SPOT
    The aim of the Single Day-ahead Coupling (SDAC) is to create a single pan-European cross zonal day-ahead electricity market. This integrated day-ahead market ...
  45. [45]
    The Flow-Based Market Coupling in Central Western Europe
    This article aims to present a clear and full description of the Flow-Based Market Coupling as implemented in the Central Western European day-ahead market.
  46. [46]
    European Cross-Border Intraday (XBID) Solution and 10 Local ...
    XBID is a European intraday solution for continuous electricity trading, using a shared order book, launched on June 12th, and aims to increase efficiency.
  47. [47]
    Single Intraday Coupling (SIDC) - ENTSO-e
    What is Single Intraday Coupling? The aim of the Single Intraday Coupling (SIDC) is to create a single EU cross-zonal intraday electricity market.
  48. [48]
    4M Market Coupling launches successfully by using PCR solution
    Nov 19, 2014 · The European Power Exchange EPEX SPOT SE operates the power spot markets ... markets in the Nordic and Baltic regions, and on our UK market N2EX.
  49. [49]
    About SEMOpx
    EPEX Spot SE operates the SEMOpx trading systems for the SEMOpx day-ahead, intraday auctions and intraday continuous markets. and performs the European market ...
  50. [50]
    EPEX SPOT expands its Continuous & Auctions Markets to the Baltic ...
    In 2026, EPEX SPOT products portfolio will be further extended with the launch of Day-Ahead and Intraday Auction markets in Estonia, Latvia, and ...
  51. [51]
    None
    ### Summary of APX Integration 2015 and Intraday Links UK-BE-NL
  52. [52]
    Integrated Swiss Intraday market successfully launched - EPEX Spot
    Jun 27, 2013 · The Swiss Intraday market was successfully launched on 26 June 2013. ... Intraday market marks another milestone for Intraday power trading in ...
  53. [53]
    Intraday Auctions on SIDC - ENTSO-e
    The purpose of introducing the intraday auctions is to harmonize the calculation and allocation of cross-border capacities on the intraday market and to price ...Missing: per | Show results with:per
  54. [54]
    Exchange Council members welcome upcoming launch of Baltic ...
    Sep 23, 2025 · The Exchange Council of EPEX SPOT is an official body of the Exchange. 27 members and 4 permanent guests represent adequately the diversity ...
  55. [55]
    XBID system: completion of extended maintenance - EPEX Spot
    Sep 6, 2025 · Unscheduled downtime on the XBID system, Saturday 6 September 2025 temporarily affecting system availability due to XBID service provider ...
  56. [56]
    Monthly Power Trading Results March 2025 - EPEX Spot
    Power trading on the Day-Ahead markets on EPEX SPOT accounted for 58,768.9 GWh (March 2024: 55,159.0 GWh). The Day-Ahead market has reached a new record ...
  57. [57]
    Pan-European Guarantees of Origin market boosted by a second ...
    Mar 11, 2025 · In February 2025, EPEX SPOT increased its pan-European Guarantees of Origin (GOs) auctions to two per month to meet market demand.